DAILY NEWS

Daily News – 26 April 2022 (Tue)

Singapore Real Estate

Chinatown shophouses put on the market for S$110m; Killiney Road site up for sale at S$76m
A block of 7 adjoining 3-storey conservation shophouses in Chinatown and a prime freehold site near Orchard Road have been put on the market for S$110 million and S$76 million respectively.
https://www.businesstimes.com.sg/real-estate/chinatown-shophouses-put-on-the-market-for-s110m-killiney-road-site-up-for-sale-at-s76m
https://www.straitstimes.com/business/property/chinatown-shophouses-put-on-the-market-for-110m-in-potential-biggest-ever-sale

Deal momentum slows in en bloc market after cooling measures
The en bloc residential market has seen a slowdown in successful sales since December’s cooling measures as developers take a more cautious approach. Market watchers say that the gap between the reserve price and the price that developers are willing to fork out has widened as developers grapple with the latest property curbs, along with other headwinds such as elevated costs.
https://www.businesstimes.com.sg/real-estate/deal-momentum-slows-in-en-bloc-market-after-cooling-measures

Mortgagee auctions up 23.7% in Q1: Knight Frank
Mortgagee auction listings rose 23.7 per cent in Q1 2022, after falling for 4 consecutive quarters. Some 47 properties – both residential and commercial – were listed under mortgagee sales, making up 58.8 per cent of the quarter’s auctions, according to Knight Frank’s Q1 2022 Auction Update report released on Monday (Apr 25).
https://www.businesstimes.com.sg/real-estate/mortgagee-auctions-up-237-in-q1-knight-frank

Singapore Economy

Success of Singapore Economy 2030 plan rests on business and workforce transformation: Gan Kim Yong
Singapore – The Republic will strive to make the best out of opportunities presented by a volatile and fast-changing global economy, said Trade and Industry Minister Gan Kim Yong on Monday (April 25).
https://www.straitstimes.com/business/economy/success-of-singapore-economy-2030-plan-rests-on-business-and-workforce-transformation-gan-kim-yong

Decades of low rates, low inflation coming to an end: Gan Kim Yong
The move towards decarbonisation is likely to increase costs in the near and medium term, with many low-carbon solutions not yet commercially viable, said Trade and Industry Minister Gan Kim Yong on Monday (Apr 25).
https://www.businesstimes.com.sg/government-economy/decades-of-low-rates-low-inflation-coming-to-an-end-gan-kim-yong

Singapore may need more fiscal, monetary policy action to check runaway prices: Analysts
Singapore may have to take further fiscal and monetary policy action to curb runaway prices, some analysts warned on Monday (Apr 25), as inflation surged to a decade high. Rising global energy prices are set to fuel inflation – taking a toll on private transport costs from petrol pump prices, as well as driving up electricity and gas expenses – while accommodation expenses are tipped to keep rising from firm rental demand domestically.
https://www.businesstimes.com.sg/government-economy/singapore-may-need-more-fiscal-monetary-policy-action-to-check-runaway-prices

Singapore inflation hits decade highs in March as consumer prices surge by 5.4%
Singapore’s headline inflation jumped to 5.4 per cent in March – a high not seen since April 2012 – as the cost of food, services, private transport and accommodation all rose. The all-items consumer price index (CPI) reading picked up strongly from 4.3 per cent in February, and came in well ahead of the median forecast of 4.7 per cent in a Bloomberg poll.
https://www.businesstimes.com.sg/government-economy/singapore-inflation-hits-decade-highs-in-march-as-consumer-prices-surge-by-54
https://www.straitstimes.com/business/economy/singapore-inflation-jumps-to-10-year-high-in-march-on-higher-food-services-and-transport-prices

Singapore hotel room rates set to rise as visitor arrivals continue to recover
Singapore hoteliers look set to keep raising rates, as a staffing crunch and travel curbs in China cap the recovery in occupancies, industry watchers have told The Business Times. This comes even as arrivals rose to 121,190 in March, up from 67,760 in February – the highest level since March 2020, when Singapore unprecedentedly closed its borders to short-term visitors.
https://www.businesstimes.com.sg/government-economy/singapore-hotel-room-rates-set-to-rise-as-visitor-arrivals-continue-to-recover

Companies’ Brief

CLCT posts 30.4% increase in Q1 net property income to 344.5m yuan
CapitaLand China Trust (CLCT) posted a 30.4 per cent rise in its net property income to 344.5 million yuan (S$72.2 million) for its first quarter ended March 2022, from 264.2 million yuan a year ago.
https://www.businesstimes.com.sg/companies-markets/clct-posts-304-increase-in-q1-net-property-income-to-3445m-yuan

GIC buys £694m stake in London Paddington office campus
GIC has exchanged contracts to buy a majority stake in an office campus in London’s Paddington district from British Land Co for £694 million (S$1.2 billion), according to a statement Monday (Apr 25).
https://www.businesstimes.com.sg/real-estate/gic-buys-694m-stake-in-london-paddington-office-campus
https://www.straitstimes.com/business/property/gic-buys-12-billion-stake-in-london-paddington-office-campus

OUE C-Reit prices S$100 million 4.2% notes due 2027
The manager of OUE Commercial Real Estate Investment Trust (OUE C-Reit) said on Monday (Apr 25) that the Reit has priced its offering of S$100 million 4.2 per cent notes due 2027. In a bourse filing, the manager said the notes will be issued at an issue price of 100 per cent their principal amount, and will bear interest at the rate of 4.2 per cent per annum.
https://www.businesstimes.com.sg/companies-markets/oue-c-reit-prices-s100-million-42-notes-due-2027

Suntec Reit posts 16.9% rise in Q1 DPU amid higher contributions
Suntec real estate investment trust’s (Reit) distribution per unit (DPU) rose 16.9 per cent year on year to S$0.02391 for its first quarter ended Mar 31, 2022, from S$0.02045 a year ago. Gross revenue was up 13.9 per cent to S$99.2 million for the quarter, from S$87.1 million a year ago.
https://www.businesstimes.com.sg/companies-markets/suntec-reit-posts-169-rise-in-q1-dpu-amid-higher-contributions

Views, Reviews, Forum and Others

Expect volume to pick up in new home sales soon
Data from the Urban Redevelopment Authority (URA) shows private property prices in the first quarter of 2022 rose 0.7 per cent from the previous quarter. Post property cooling measures that kicked in on Dec 16, 2021, home prices appear to be resilient, but the volume of new home sales has plummeted.
https://www.businesstimes.com.sg/opinion/expect-volume-to-pick-up-in-new-home-sales-soon

Update on COVID-19 (Coronavirus Disease 2019) Situation

Some Singapore firms want staff back at workplace, but experts warn against rushing into it
Some companies will require their staff to return to the workplace several times a week, after the authorities announced last week that all workers may do so from Tuesday (Apr 26) as part of the easing of Covid-19 measures.
https://www.businesstimes.com.sg/government-economy/some-singapore-firms-want-staff-back-at-workplace-but-experts-warn-against
https://www.straitstimes.com/singapore/some-firms-want-staff-back-at-workplace-but-experts-warn-against-rushing-into-it

Desire for flexi-work not surprising and firms are willing to offer the option
Singapore – It is not surprising that people want flexible working arrangements to continue, and companies are prepared to offer that option as the new normal. Flexible arrangements are the preferred way of working as a result of the Covid-19 pandemic….
https://www.straitstimes.com/singapore/jobs/desire-for-flexi-work-not-surprising-and-firms-say-they-are-willing-to-offer-such-option

Singapore announces major easing of Covid-19 rules from April 26: What you need to know
Singapore – Group size limits and safe distancing requirements will be removed, as part of a large-scale easing of Covid-19 measures announced on Friday (April 22). The Disease Outbreak Response System Condition (Dorscon) level, which indicates the current disease situation, will also be lowered from orange to yellow from Tuesday.
https://www.straitstimes.com/singapore/singapore-announces-major-easing-of-covid-19-rules-from-april-26-what-you-need-to-know

Down come the barriers at malls and restaurants as S’pore lifts Covid-19 curbs
Singapore – Diners having their meals at Crystal Jade restaurants on Tuesday (April 26) may not notice that the cutlery has been pre-set on the table and salt and pepper shakers neatly placed on the side.
https://www.straitstimes.com/singapore/down-come-the-barriers-at-malls-and-restaurants-as-covid-19-restrictions-lift-on-tuesday

Most are happy with easing of Covid-19 measures, but many still taking precautions: ST online poll
Singapore – Almost six in 10 people here are happy or very happy with the latest easing of Covid-19 rules announced last Friday (April 22), an online poll by The Straits Times has found.
https://www.straitstimes.com/singapore/consumer/most-are-happy-with-easing-of-covid-19-measures-but-many-still-taking-precautions-st-online-poll

*For more information, please visit the Ministry of Health (MOH) website at www.moh.gov.sg and refer to go.gov.sg/mohupdates for updates on the COVID-19 (Coronavirus Disease 2019) situation